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NFT (Non Fungible Token) refers to a technology that connects unique assets (objects) to one unique token. If you are a citizen of any country, it is easy to imagine that a unique person is connected with a unique resident registration number. If we connect things around us with tokens through NFT technology, no one can claim that others are theirs. This is because the fact is written on a distributed ledger where anyone can see information on the blockchain.
Recently, Beeple's NFT works drew attention to NFT art as it was auctioned for $63.9 million at Christie's auction. Let's take a look at what kind of innovation this popular NFT technology has brought to the current art market.
In the traditional art market, 'weight' for free appreciation on the monitor rather than the sense of the exhibition realism, it was important how the viewers and works communicate in the gallery environment. Paintings and sculptures that could be touched by reaching out were the mainstream, and media works also focused on the sense of reality in the gallery. However, NFT art has changed a lot because viewers passively view the work in the restricted environment of a computer monitor. The form of art has changed into files such as JPEG, MP4, and GIF that can be viewed on a computer screen. Instead, viewers can feel free to experience the work anytime, anywhere.
The concept of the original work has also changed. Previously, only one original work existed. There was only one original for each print that had several similar originals due to subtle differences. However, as the form of art was changed to a computer file, it became possible to easily reproduce the same work. So even when selling works, it became possible to sell multiple copies, not just one. By issuing multiple copies of one work, the rights to the work are distributed and sold inexpensively. The sale of many of these fresh originals is currently active on the NFT art sales platform.
Here, you may have doubts that there are multiple originals, and NFT solves this problem. If there are 10 originals, each of the 10 copies is given a unique token, so all copies are recognized for the uniqueness of the original. The transaction history of the work is also transparently disclosed so that anyone can check it.
In addition, the purchase method has also been renewed. Rather than visiting a gallery, writing a contract, and receiving the work, you purchase it with one click on the website. The function of the contract is replaced by Ethereum's smart contract technology. In addition, art auctions are also held in real time for people around the world on websites such as'Opensea' or'Super Rare'. In addition, others can offer a price for the work they own and encourage them to sell.
As a result, the purchase of works is incomparably more active than before, becoming a catalyst for artists to pursue new creations. Existing artists around the world are paying attention to NFT art. Emerging digital artists are also appearing one after another. They publish their works on a website targeting global users, are evaluated, and based on this, they are raising the level of their work and unfolding the world of creation.
Another disruptive change is the use of virtual currency (cryptocurrency) rather than legal currency when purchasing works.
This is also the biggest obstacle to increasing the scale of the NFT art market. Fortunately, the market is growing with rising cryptocurrency prices, but the trend remains to be observed.
The use of the work is also different. Even after buying a work, it shows a different use. Rather than hanging it at home, I appreciate the work on the screen and feel satisfied with having digital ownership. To complement this, a digital virtual gallery platform has already been released.
As such, NFT art is showing a different aspect from the traditional market. From now on, in turn, we will talk about the new world of NFT art from the perspective of developers, writers, viewers, and government.